Which of the Following Would Not Be Considered Underlying Accounting

question 28

Multiple Choice

Which of the following would not be considered underlying accounting data?

• A) sales invoices
• B) the general ledger
• C) books of original entry
• D) accounting manuals
• E) accounts receivable ledger

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Definitions:

Centrally Planned Economy

An economic system where the government makes all decisions about what goods and services are produced, how they are produced, and who receives them.

Profits

The financial gain obtained from the difference between the amount earned and the amount spent in buying, operating, or producing something.

Corporation

A legal entity (“person”) chartered by a state or the federal government that is distinct and separate from the individuals who own it.

Personal Responsibility

The idea that an individual is accountable for their actions and wellbeing, including making decisions that affect their life and those around them.